Early Twitter investor Chris Sacca may be about to get more critical of the company

Chris Sacca, one of Twitter's earliest investors and longtime defenders, may be about to become more critical of the current state of affairs at the company.

In a lengthy blog post on Thursday, Sacca signalled that he would soon post his thoughts about "a few things that I personally hope the Twitter team will accomplish."

Sacca's post comes about a month after Twitter delivered a particularly ugly first-quarter earnings report, missing financial targets and signaling that user growth was once again under pressure. Many on Wall Street are wondering if CEO Dick Costolo's days leading the company may be numbered.

Sacca spent most of the post, which he titled "I Bleed Aqua," laying out his history of loyalty and passion for the company and his continuing belief in its potential.

"Twitter went from just being an investment to a huge part of my identity. My kids can spot a Twitter birdie from a hundred feet away. I have very few t-shirts that don't sport the company logo," he wrote. Sacca recounted how he has helped Twitter negotiate monetization deals and funding rounds, even though he was never an official employee or board member of the company (though he was an adviser).

But he noted that "during all of these years, I haven't been as candid as I could be in public discussions about Twitter."

That changed during a recent interaction with CNBC's Jim Cramer, in which Sacca said the pair "traded insights as to what we each thought was going wrong and what could be better" with the company.

Sacca suggested that he had more constructive criticism to share, though he did not provide many details or say when or where he would speak out.

I believe without reservation that Twitter can soon evolve to be used by over 500 million people a month. I believe there is no natural ceiling on the revenue Twitter can generate. I also believe that Twitter's reach can become more pervasive and its impact on the world more meaningful. I believe Twitter is a great investment and that the stock is cheap.

Stay tuned for Sacca's feedback. If nothing else, it should be interesting.